If there are any PMs out there, or anyone who knows how a PM works, I would appreciate some insight. My PM website says "zero tolerance policy ..." blah blah but what does it mean exactly?
I found another website that outlined what they would do - reconcile the trust account every morning, day 1 of rent arrears, issue Form 1B etc etc.
So I wanted to ask my PM what their policy is. But I also wanted to understand how the majority of PMs work ....
My PM is very slack, I'm constantly on their back, I have to call them after getting my statement that shows tenant is 2 weeks late, they should call ME and let me know ... by the time I get the statement, it's already 2 weeks overdue and we all know how long and convoluted it is to evict a tenant.
Even after I email them, they never answer me directly but I KNOW that they are slack. So if I can get them to stay on top of things, that would be awesome.
Also when a lease is signed, it's usually general practice to ask tenants to pay 2 weeks rent in advance, is that right? But "The landlord must not ask for rent until the period covered by the previous payment is finished" so how does that all actually work?
Bond - this doesn't increase when rent is increased, so if you have a tenant who is in arrears, then leaves without paying outstanding rent and leaves the property in bad shape (ie carpet needs cleaning) then you'll always be out of pocket. LL insurance only covers outstanding rent AFTER the first 4 weeks. And carpet cleaning isn't covered as malicious damage. So you're ALWAYS out of pocket and I'm SO SICK of it!
If anyone has any advice that I can use to get my PM into shape, in terms of best practice - better to ask for rent every month, every 4 weeks or ....? And also remind me on the delays and length of time for processing a tenant in arrears, I would appreciate it.
I found another website that outlined what they would do - reconcile the trust account every morning, day 1 of rent arrears, issue Form 1B etc etc.
So I wanted to ask my PM what their policy is. But I also wanted to understand how the majority of PMs work ....
My PM is very slack, I'm constantly on their back, I have to call them after getting my statement that shows tenant is 2 weeks late, they should call ME and let me know ... by the time I get the statement, it's already 2 weeks overdue and we all know how long and convoluted it is to evict a tenant.
Even after I email them, they never answer me directly but I KNOW that they are slack. So if I can get them to stay on top of things, that would be awesome.
Also when a lease is signed, it's usually general practice to ask tenants to pay 2 weeks rent in advance, is that right? But "The landlord must not ask for rent until the period covered by the previous payment is finished" so how does that all actually work?
Bond - this doesn't increase when rent is increased, so if you have a tenant who is in arrears, then leaves without paying outstanding rent and leaves the property in bad shape (ie carpet needs cleaning) then you'll always be out of pocket. LL insurance only covers outstanding rent AFTER the first 4 weeks. And carpet cleaning isn't covered as malicious damage. So you're ALWAYS out of pocket and I'm SO SICK of it!
If anyone has any advice that I can use to get my PM into shape, in terms of best practice - better to ask for rent every month, every 4 weeks or ....? And also remind me on the delays and length of time for processing a tenant in arrears, I would appreciate it.
